New Delhi, Dec 23 (PTI) Auto component major Bharat Forge on Wednesday said its three Germany-based subsidiaries have reached a settlement with the European country's national competition regulator in connection with two separate proceedings.

The company's subsidiaries -- Bharat Forge Aluminiumtechnik GmbH, Bharat Forge CDP GmbH and Bharat Forge Global Holding GmbH -- on Wednesday reached the settlement with Germany's national competition regulator Bundeskartellamt (Federal Cartel Office or FCO), Bharat Forge said in a regulatory filing.

"In the said matter, the German Subsidiaries have reached settlement in an aggregate amount of Euro 32 million (around Rs 287 crore) to be paid over the next five years. The terms of the settlement are confidential under the applicable laws," it added.

The final settlement for Bharat Forge Aluminiumtechnik GmbH was signed earlier on Wednesday; the settlement for Bharat Forge CDP GmbH and Bharat Forge Global Holding GmbH is in the final stage and expected to be signed early next year, the company noted.  

The investigation in the two matters pertained to the period between 2004 and 2018 and was initiated by FCO against several companies in Germany.

"Our German subsidiaries were among many such companies. The units had been under confidentiality obligations under applicable German laws with respect to these proceedings," Bharat Forge said.

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